Bitcoin's price crashed below $67,000, marking its lowest level since before Donald Trump's electoral victory 15 months ago. As of this writing, it had fallen 23% over the past week to $66,753, according to CoinGecko. Ethereum and Solana fared even worse, with losses of nearly 33% and 30%, respectively.

The downturn in cryptocurrencies coincided with a drop in tech stocks on Wall Street. The Nasdaq fell 1.6%, while the S&P 500 declined 1.2%, according to Yahoo Finance. Carlos Guzman, a research analyst at crypto trading firm GSR, told Decrypt that crypto is declining alongside other risk assets as investors reduce their exposure to them.

Despite regulatory tailwinds during Trump's second term, including a more collaborative approach from regulatory agencies, the market hasn't rebounded. Guzman noted that the fundamentals haven't changed, but sentiment in the crypto market is weak, one of the weakest he's seen. This downturn lacks an obvious cause, unlike previous ones that were often attributed to bankruptcies or market collapses. Investors see crypto as a risky asset class, especially with geopolitical tensions and expectations of tighter monetary policy following Trump's nomination of Kevin Warsh to chair the Federal Reserve.